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There are a staggering number of types of yachts on the market, so how do you know which one to choose? Purchasing your own yacht can have its advantages, from travelling at your own pace, to enjoying the tranquility of the open sea. Still, purchasing a yacht is a considerable investment, and requires planning. Whether you plan on buying a new or used yacht, there are a number of questions you should ask yourself to find the one that aligns the best with your lifestyle. Below are some factors to consider before taking the leap into the world of yachts.
Before choosing a yacht, ask yourself what type of sailing you see yourself doing. Are you purchasing a yacht with the intent of chartering long passages across the ocean, or will it be mostly used for day trips? Do you want a vessel to use for fishing or racing? Once you know the intended purpose of the yacht, you can narrow down some of the many options available on the market.
Sailing yachts can travel across the water using the power of wind. People looking for a hands-on sailing experience, or who want to be a part of regattas will commonly gravitate towards these models.
Motor yachts on the other hand are powered by fuel-powered engines. There are many types of styles for motor yachts, making them a popular choice.
Hybrid yachts combine engines with battery power.
Gulet yachts have both sails and engines.
Monohulls, or yachts with one hull, are a frequently seen design. Catamarans have two hulls, which can mean more stability. Catamarans are commonly liveaboard vessels and can offer more deck space. Trimarans have three hulls.
These are restored vessels that may be retrofitted with some more modern features.
These can be used for long-distance travel.
If your idea of a good time is an adrenaline rush, sports yachts are often used for racing purposes. They are commonly smaller in size and used for short trips.
These typically have features such as outriggers, aerated live wells, or freezers.
These can be used for commercial fishing.
Is bigger always better when it comes to yachts? There are pros and cons to large yachts. At the end of the day, it comes down to what features you think are important. Crunching numbers on paper is one thing, but spending time on different size boats can help you get a real life feel for what you feel comfortable with. Here are some questions to ask yourself before deciding what size yacht you should buy:
Similar to working with a realtor to find a property, you may want to consider working with a broker to help find a yacht. A yacht broker can help you find boats that meet your search criteria and can provide valuable insight on recent market trends.
Knowing how old a yacht is and how well it has been maintained are two important pieces of information. Examine the rigging, deck, hull, and the equipment. Make a note of how easy the engine is to access, and how old the navigation equipment is.
In addition to inspecting the yacht before you buy, you may want to seriously consider hiring a professional yacht surveyor. A surveyor can help identify issues and assess the overall condition of a boat.
Before buying a yacht, research what models are more likely to hold their value over time. Yachts depreciate in value over time.
To test the performance of a yacht, request to have a sea trial before you complete the sale of the boat.
Navigating the open waters can be an adventure, but navigating insurance coverages can be cumbersome. While boat insurance requirements vary from state to state, many marinas or yacht clubs require proof of insurance. Here at Cross Private Client Insurance, we’ve helped individuals find coverages for many types of watercraft. We represent the top personal lines partners in the market and can show you options. Reach out to our team today to start the conversation.
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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.
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